Business
Apogee Enterprises Reports Fiscal 2023 Third Quarter Results
Third-quarter revenue grows 10 percent, to $368 million Third-quarter earnings increase to $1.07 per diluted share Strong cash flow, with $54 million of cash
About this update from Apogee Enterprises, Inc.
[{"type":"text","content":"\n\nThird-quarter revenue grows 10 percent, to $368 million\n\n\n\nThird-quarter earnings increase to $1.07 per diluted share\n\n\n\nStrong cash flow, with $54 million of cash from operations in the third quarter\n\n\n\nFull year adjusted earnings guidance narrowed to a range of $3.90 to $4.05 per diluted share\n\n\n MINNEAPOLIS--(BUSINESS WIRE)--\nApogee Enterprises, Inc. (Nasdaq: APOG) today announced its fiscal 2023 third quarter results. Third-quarter revenue grew 10.1 percent to $367.8 million, compared to $334.2 million in the third quarter of fiscal year 2022, led by Architectural Framing Systems and Architectural Glass. Earnings per diluted share increased to $1.07, compared to $0.44 per diluted share in the prior-year quarter. Earnings in the prior-year quarter included $6.4 million of pre-tax restructuring and impairment costs. Excluding these costs, adjusted earnings in last year’s third quarter were $0.63 per diluted share.1\n\n“Our team continued to deliver impressive results this quarter, with double-digit revenue growth, significant margin expansion, and strong cash flow,” said Ty R. Silberhorn, Chief Executive Officer. “The execution of our strategy is transforming Apogee into a higher performing, more resilient company. Over the past year, we’ve made significant, sustainable cost and productivity improvements, strengthened our focus on differentiated products and services, and fostered a results-driven culture to deliver value for our customers.”\n\nMr. Silberhorn continued, “The margin gains and earnings growth we’ve achieved over the past four quarters have established a new baseline of performance for the company. As we move forward, we expect to drive continued progress toward our margin and ROIC goals. We’re also investing to develop the talent and capabilities that we’ll need to enable sustained above-market growth.”\n\nSegment Results\n\nArchitectural Framing Systems\n\nArchitectural Framing Systems revenue grew 17 percent, to $165.0 million, from $141.5 million in the prior-year period, primarily driven by inflation-related pricing. Operating income increased to $22.1 million, compared to $12.1 million in last year’s third quarter, primarily driven by improved pricing and mix, which more than offset the impact of inflation. Segment backlog at the end of the quarter was $246 million, compared to $286 mill...